Lives of Crime | 7. Frauds & Sons

Today we hear from Bernie Madoff, mastermind of the largest Ponzi scheme ever. Bernie made $65 billion disappear. Billion with a B. Madoff had been a Wall Street star, innovative, rich, honored. He was chairman of the NASDAQ. Also, he was quietly managing other people's money, or said he was. But in fact, he never invested. He paid returns to his clients with the money coming in from new investors. In 2008, Bernie Madoff was sentenced to 150 years in federal prison. That's when Steve Fishman launched a campaign to get him to talk. It took a year, but he finally spoke. Lives of Crime is a production of Orbit Media Inc. in association with Signal Co. No1.See omnystudio.com/listener for privacy information.